Crypto Analyst Predicts Bitcoin To Reach $60,000, Here’s Why
Crypto Breaking News posted: "Amid the recent rally that Bitcoin (BTC) experienced at the start of the week, several well-known cryptocurrency analysts seem to be bullish about the largest crypto asset, delivering multiple positive predictions for BTC in the short and long term. Bitco" Crypto Breaking NewsRead on blog or Reader
Amid the recent rally that Bitcoin (BTC) experienced at the start of the week, several well-known cryptocurrency analysts seem to be bullish about the largest crypto asset, delivering multiple positive predictions for BTC in the short and long term.
Bitcoin Poised To Hit The $60,000 Price Mark
One of the famous crypto analysts who has recently shared exciting and positive predictions for Bitcoin is Ali Martinez. Martinez, known for his enthusiasm for cryptocurrency, took to the social media platform X (formerly Twitter) to share his projections with the community.
The analyst's prediction delves into the Market Value to Realized Value (MVRV) ratio pricing band for Bitcoin. Ali Martinez has examined historical patterns seen in the previous bull markets that could send the price of BTC soaring.
According to him, the historical pattern seems to be appearing now in Bitcoin's MVRV chart. He asserted that the BTC's price has recovered from the mean MVRV level at $40,500, which is a similar form showing in the present market.
He added that with this form, it is possible for Bitcoin to rise in the direction of the 1.0 standard deviation line. Due to this, Martinez anticipates the price of BTC to reach a fresh yearly high of $60,000 price mark.
The post read:
We are witnessing a similar pattern now. With the recent bounce from the mean MVRV at $40,500, there is potential for BTC to surge to the 1.0 standard deviation line at $60,000.
Martinez's latest Bitcoin analysis has since sparked fresh sentiment from the crypto community toward the digital asset. His forecast came in light of BTC experiencing a rally, taking its price to $43,000 as of Tuesday, January 30.
Investors and traders are now keeping a careful eye on these events in hopes of identifying future BTC market opportunities. This also suggests the introduction of new investors and traders in BTC.
In another X post, the expert highlighted the emergence of fresh Bitcoin addresses. He noted that about "67 new entities" now hold 1,000 BTC and above, which indicates "a 4.50% rise in two weeks."
Analyst Delve Into BTC's Price Action
Negentropic, the co-founder of Glassnode, has revealed his latest projections for BTC's price action. Negentropic reported that a substantial liquidity pool for long positions had formed as Bitcoin crossed $42,200, suggesting a "neutral impulse."
This action points to BTC's plan to cross the $42,000 liquidity barrier, which might bring up more market change and volatility. He further noted that due to the action, liquidations totaling "$659 million" took place.
Furthermore, as optimism rises, he expects that liquidations in short positions might reach a whopping $1 billion. As a result, it will position the market for a possible upward trend.
Currently, Bitcoin's price is trading at $42,979, demonstrating an increase of over 7% in the past week. However, its market cap and trading volume are each down by 1%, according to CoinMarketCap.
BTC trading at $42,878 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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